On Nov. 24, 1908, America's first credit union accepted its first deposits. One-hundred years later, on Nov. 24, 2008, in the same office, Credit Union Journal, along with CO-OP Financial Services and that first CU, St. Mary's Bank, re-created the chartering of a Caisse Populaire Ste. Marie, or St. Mary's Cooperative Credit Association, and its first transaction. Click on any of the attached videos for this entertaining and informative reminder of the roots of credit unions in the United States.
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Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
September 18 -
The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
September 18 -
The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
September 18 -
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant's new AI agent.
September 18 -
Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
September 18 -
State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida's Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week's banking news roundup.
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